Rubrik (NYSE:RBRK) Hits New 52-Week High After Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK)’s share price reached a new 52-week high on Thursday after Barclays raised their price target on the stock from $42.00 to $51.00. Barclays currently has an overweight rating on the stock. Rubrik traded as high as $46.50 and last traded at $46.50, with a volume of 22703 shares. The stock had previously closed at $45.15.

Several other analysts have also recently issued reports on RBRK. Guggenheim raised their target price on Rubrik from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday. Robert W. Baird boosted their target price on Rubrik from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. BMO Capital Markets reduced their price target on shares of Rubrik from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 10th. Wells Fargo & Company cut their price objective on Rubrik from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $50.00 target price on shares of Rubrik in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $46.18.

Insiders Place Their Bets

In other news, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the sale, the insider now owns 56,736 shares in the company, valued at $1,857,536.64. This represents a 63.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kiran Kumar Choudary sold 51,924 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $31.41, for a total value of $1,630,932.84. Following the transaction, the chief financial officer now directly owns 493,360 shares of the company’s stock, valued at approximately $15,496,437.60. This trade represents a 9.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 454,512 shares of company stock worth $15,813,462 in the last quarter.

Hedge Funds Weigh In On Rubrik

Institutional investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new stake in shares of Rubrik during the third quarter valued at about $25,000. KBC Group NV purchased a new position in Rubrik in the 3rd quarter worth about $72,000. Quent Capital LLC purchased a new stake in shares of Rubrik in the 3rd quarter valued at approximately $192,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Rubrik in the third quarter worth $208,000. Finally, Register Financial Advisors LLC purchased a new position in Rubrik during the 2nd quarter valued at about $227,000.

Rubrik Price Performance

The company’s 50 day simple moving average is $37.90 and its two-hundred day simple moving average is $34.72.

Rubrik (NYSE:RBRK) last issued its quarterly earnings results on Monday, September 9th. The company reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The firm had revenue of $204.95 million during the quarter, compared to the consensus estimate of $195.58 million. Equities research analysts expect that Rubrik, Inc. will post -8.04 earnings per share for the current year.

About Rubrik

Rubrik, Inc provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, and SaaS data protection solutions; data threat analytics; data security posture; and cyber recovery solutions. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, and public sectors.